Allergan, based in Irvine, California, said in a statement that it turned down the offer of $72 a share in cash and 0.83 a share of Valeant stock. On May 28, Laval, Quebec-based Valeant raised its bid for the first time to $49.4 billion from $45.7 billion.

Stocks climbed, with the Standard & Poor’s 500 Index returning above its record closing level, after U.S. home sales increased and investors speculated central banks will continue to stimulate the economy.